Toronto Hydro-Electric System Receives Decision on Rate Changes
MAY 15, 2008 - 18:09 ET
TORONTO, ONTARIO--(Marketwire - May 15, 2008)
Toronto Hydro-Electric System Limited ("Toronto Hydro"), a subsidiary of Toronto Hydro Corporation, announced that it has received a decision today from its regulator, the Ontario Energy Board ("OEB") on its application to adjust electricity distribution rates.
The application sought approval to adjust electricity distribution rates to provide funding for the upgrading of the electrical distribution system in Toronto and to recruit employees to replace workers who will be retiring over the next several years.
Toronto Hydro must now determine the effects of the Decision on rates and provide overall customer rate impacts to the OEB for final approval. Approved rate changes are expected to take effect on July 1st, 2008.
Distribution rates cover the costs associated with delivering electricity from transformer stations to homes and businesses in Toronto. These include the costs of planning, installing and maintaining overhead and underground distribution lines, poles, cable chambers, meters, stations and transformers. Distribution rates form part of the "Delivery" line of the Toronto Hydro bills.
About Toronto Hydro Corporation
The Corporation is a holding company, which wholly-owns the following subsidiaries:
- Toronto Hydro-Electric System Limited ("Toronto Hydro or THESL") - which distributes electricity;
- Toronto Hydro Energy Services Inc. ("TH Energy") - which provides street lighting and expressway lighting services and energy efficiency products and services.
- Toronto Hydro Telecom Inc. ("Telecom") - which provides fibre optic cable capacity and manages data communications services.
The principal business of the Corporation and its subsidiaries is the distribution of electricity by THESL. THESL owns and operates an electricity distribution system, which delivers electricity to approximately 682,000 customers located in the City of Toronto. THESL is the largest municipal electricity distribution company in Canada and distributes approximately 18% of the electricity consumed in Ontario. The business of THESL is regulated by the OEB which has broad powers relating to licensing, standards of conduct and service and the regulation of rates charged by THESL and other electricity distributors in Ontario.
For more information, please visit the Web site at www.torontohydro.com.
Certain portions of this press release may constitute forward-looking information. Forward-looking information means disclosure regarding possible events, conditions or results that is based on assumptions about future economic conditions and courses of action or attributable to third parties. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "anticipate", "believe", "estimate", "predict", "potential", "continue", "plan" and similar expressions or the negative of these terms or other comparable terminology. Although the Corporation believes that it has a reasonable basis for the forward-looking information included in the press release, such information is subject to a number of risks, uncertainties and assumptions, that may cause actual events, conditions or results to differ materially from those contemplated by the forward-looking information. Some of the factors that could cause such differences include legislative or regulatory developments; financial market conditions, general economic conditions and the ratings assigned to the corporation or its affiliates or their debt securities by rating agencies. The corporation has no obligation nor any intention to update publicly or to revise any of the forward-looking information included in the press release after the date thereof, whether as a result of new information, future events or circumstances or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Toronto Hydro Corporation
Blair Peberdy, Vice-President, Communications and
Public Affairs, Chief Conservation Officer
Toronto Hydro Corporation
Vice-President, Treasurer and Regulatory Affairs